Lloyds switch offer Feb 2024

Zopa_Trooper

MisterMotivated said:

Most folks would not switch to a bank solely to claim the incentive before closing the account again

Surely the question should be, why wouldn't you? Okay I know there is the odd exception, Santander maybe but the majority of banks offer nothing for staying "Loyal" to them. 

WillPS

Zopa_Trooper said:

MisterMotivated said:

Most folks would not switch to a bank solely to claim the incentive before closing the account again

Surely the question should be, why wouldn't you? Okay I know there is the odd exception, Santander maybe but the majority of banks offer nothing for staying "Loyal" to them. 

Really?

Halifax offer £5/month cold hard cash (on up to 3 accounts per person!)
Natwest and RBS offer £3/month net rewards, which can be converted to cash (+ same for a joint)
Lloyds offer Disney+, cinema tickets or a magazine sub (+ same for a joint)

Combined with Santander 123 Lite, my wife and I make £48/month between us on these (+2 magazine subs and Disney+)

And there's others we don't always do -
TSB offer £5/month for 6 months and/or £2/month ongoing
Chase offer 1% back on debit card spend
Co-op offer up to £2.20/month cashback

erictheonly1

Has anyone applied for this?

I'm in the process of doing so (first account with Lloyds) and have selected the Club Lloyds option, but I'm at the part where I need to confirm I'm switching my old account and I've not seen any mention of the account type I'm opening.

I don't want to accidentally set up a current account that may ruin my switching bonus. Any comments from those who have applied recently will be a huge help, thank you.

trickydicky14

MisterMotivated said:

Most folks would not switch to a bank solely to claim the incentive before closing the account again

I have to agree with that comment. We live in this little community finding ways to make money, we exchange tips and take chances just to make a bit more.

What you have to remember is out in the big bad world, it’s almost impossible to get folks to move cash out of accounts paying 1% trying to get them to move bank accounts, well I’ve tried and it’s more fun banging my head against the wall.

danny13579

MisterMotivated said:

Most folks would not switch to a bank solely to claim the incentive before closing the account again

This is very true. A huge amount of people have been with the same bank for decades (often since childhood), getting paltry interest and would never dream of switching. People on here aren't really representative of the general population, many of whom detest change.

trickydicky14

danny13579 said:

MisterMotivated said:

Most folks would not switch to a bank solely to claim the incentive before closing the account again

This is very true. A huge amount of people have been with the same bank for decades (often since childhood), getting paltry interest and would never dream of switching. People on here aren't really representative of the general population, many of whom detest change.

As I get older I begin to hate change, but I still make an exception when it comes to making a few bob.

danny13579

trickydicky14 said:

danny13579 said:

MisterMotivated said:

Most folks would not switch to a bank solely to claim the incentive before closing the account again

This is very true. A huge amount of people have been with the same bank for decades (often since childhood), getting paltry interest and would never dream of switching. People on here aren't really representative of the general population, many of whom detest change.

As I get older I begin to hate change, but I still make an exception when it comes to making a few bob.

Same here, but for many they would never entertain the idea of moving bank, no matter what the incentive is.

Zopa_Trooper

WillPS said:

Zopa_Trooper said:

MisterMotivated said:

Most folks would not switch to a bank solely to claim the incentive before closing the account again

Surely the question should be, why wouldn't you? Okay I know there is the odd exception, Santander maybe but the majority of banks offer nothing for staying "Loyal" to them. 

Really?

Halifax offer £5/month cold hard cash (on up to 3 accounts per person!)
Natwest and RBS offer £3/month net rewards, which can be converted to cash (+ same for a joint)
Lloyds offer Disney+, cinema tickets or a magazine sub (+ same for a joint)

Combined with Santander 123 Lite, my wife and I make £48/month between us on these (+2 magazine subs and Disney+)

And there's others we don't always do -
TSB offer £5/month for 6 months and/or £2/month ongoing
Chase offer 1% back on debit card spend
Co-op offer up to £2.20/month cashback

I've made £2,860 through switching. Take me a long time at the rates you quote to get that sort of money sticking with one bank.

WillPS

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

MisterMotivated said:

Most folks would not switch to a bank solely to claim the incentive before closing the account again

Surely the question should be, why wouldn't you? Okay I know there is the odd exception, Santander maybe but the majority of banks offer nothing for staying "Loyal" to them. 

Really?

Halifax offer £5/month cold hard cash (on up to 3 accounts per person!)
Natwest and RBS offer £3/month net rewards, which can be converted to cash (+ same for a joint)
Lloyds offer Disney+, cinema tickets or a magazine sub (+ same for a joint)

Combined with Santander 123 Lite, my wife and I make £48/month between us on these (+2 magazine subs and Disney+)

And there's others we don't always do -
TSB offer £5/month for 6 months and/or £2/month ongoing
Chase offer 1% back on debit card spend
Co-op offer up to £2.20/month cashback

I've made £2,860 through switching. Take me a long time at the rates you quote to get that sort of money sticking with one bank.

It's not either/or I don't keep records dating back to when I started the hobby a decade ago but we earned more than that from switching bonuses *last year*, as well as ~£600 from month-to-month 'loyalty rewards'.

Edit: oh and a few hundred in credit card rewards.

Zopa_Trooper

WillPS said:

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

MisterMotivated said:

Most folks would not switch to a bank solely to claim the incentive before closing the account again

Surely the question should be, why wouldn't you? Okay I know there is the odd exception, Santander maybe but the majority of banks offer nothing for staying "Loyal" to them. 

Really?

Halifax offer £5/month cold hard cash (on up to 3 accounts per person!)
Natwest and RBS offer £3/month net rewards, which can be converted to cash (+ same for a joint)
Lloyds offer Disney+, cinema tickets or a magazine sub (+ same for a joint)

Combined with Santander 123 Lite, my wife and I make £48/month between us on these (+2 magazine subs and Disney+)

And there's others we don't always do -
TSB offer £5/month for 6 months and/or £2/month ongoing
Chase offer 1% back on debit card spend
Co-op offer up to £2.20/month cashback

I've made £2,860 through switching. Take me a long time at the rates you quote to get that sort of money sticking with one bank.

It's not either/or I don't keep records dating back to when I started the hobby a decade ago but we earned more than that from switching bonuses *last year*, as well as ~£600 from month-to-month 'loyalty rewards'.

Edit: oh and a few hundred in credit card rewards.

I notice you said, WE earned more than that. I doubt a single person could earn that amount from switching IN ONE YEAR. Also the loyalty bonus you're comparing with nothing. It's like saying I earned x amount of pounds because I was in a 6% savings account against not having a savings account at all. The only thing you made was the difference between that and another bank account.

I myself have three accounts. Santander for the 7% & 5.2% savings and cashback., CHASE for the 1% on spending (£862 earned on that so far) and the Co-Op which is the account ready for switching if ever I get another opportunity. I don't know how I personally stack up against other "savers" on here but I'm satisfied with my lot.